Metro Manila (CNN Philippines, July 6) — President Ferdinand Marcos Jr. seeks the removal of the Philippines from the grey list of the Financial Action Task Force (FATF) through the adoption of a new action plan directing all government offices to deploy measures against money laundering and terrorism financing.
In a statement Thursday, the Palace said Marcos issued an executive order on the implementation of the National Anti-Money Laundering, Counter-Terrorism Financing, and Counter Proliferation Financing Strategy (NACS) 2023-2027.“This is part of the government’s efforts to move the Philippines out of the Grey List of the FATF’s ‘Jurisdictions Under Increased Monitoring’ of countries that failed to show tangible and positive progress in addressing all key recommended actions in the Third Mutual Evaluation Report,” it said.The dirty money watchdog said late in June that the country remains on the list as it has yet to address the following strategic deficiencies:- Demonstrate effective risk-based supervision of designated nonfinancial businesses and professions- Demonstrate that supervisors use Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) controls to mitigate risks associated with casino junkets- Enhance and streamline the access of law enforcement agencies to accurate and up-to-date information regarding beneficial ownership- Increase investigations and prosecutions related to money laundering casesWith the new plan, Marcos also targets to improve the government’s counter terrorism financing and counter proliferation financing.The president also provided the go signal for the National AML/CT Coordinating Committee (NACC) to reorganize its sub-committees.The NACC would be chaired by the executive secretary, while the governor of the Bangko Sentral ng Pilipinas will hold the vice chair position.
